We are able to spot an impulse of lesser degree by means of a possible 5 waves higher. I like to see a consolidation up to NFP of more or less 50% of the current move. The count in red is indicative and we have to wait and see how it unfolds in terms of confirmation.
If we see that happening I will be looking to trade the news by means of buying EURUSD . This is not trading advise because it is very risky for me to explain how I trade major events by means of structure but if your strategy shows you a trade this is how I look at it. If price doesn't unfold the way I like it I let it go and wait for the next technical trade set-up.
I will elaborate more on Fundamentals and how to use them as a technical trader on my website.
Have a nice weekend and good trading all!
The EURUSD is known for its corrections towards the 50% ratio of the previous move. Ideally we see a correction towards 1.095 zone before we see the next impulse higher.
I mentioned 1.11 before and we are able to see confluence in that area by means of daily 50% Fibonacci ratio as well as 50% Fibonacci ratio of the last leg lower.